Santander Mortgage Rejected by head office

Thrugelmir

Discussion to be had with your broker tomorrow then. As we can only speculate on here. 

moxxey

Rosemary1982 said:

The limited company has nothing to do with Santander. My partner and myself has had no relationship with Santander or abbey national back in the day. We do not have debt as individuals and declared ourselves as debt free.  The BB loan was issued to the Limited company where although my husband is a director he is note a sole trader.  We have never tried to hide anything at all during the process and trusted the broker with the submission. 

One thought from my perspective, even though a Ltd company allows an individual to be personally separate from the company, in reality, you aren't.

Santander will have looked at your associate with the company, the performance, how much you are taking in a wage and any decision for the company to take on a government bailout. They won't ignore this as effectively this company controls your wage and future finances.

As a self-employed person myself, being 'debt free' means very little to lenders at the moment. They look far closer at your business associations and how this will affect your income in the future. So however much we like to believe a Ltd company is completely separate from us personally, in reality it isn't at all. Your husband is still associated and will draw a wage from it and performance can be measured. If the performance has decreased during the pandemic, and looks like it might not improve, Santander will ultimate make an offer off the back of this.